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Inter-Temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union
Schnabl, Gunther - 2013
In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current account imbalances have gained rising attention. Whereas Greece and Ireland struggle for austerity in private and public spending, Germany is urged to reduce its current account...
Persistent link: https://www.econbiz.de/10013094029
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Differences in Euro-Area Household Finances and Their Relevance for Monetary-Policy Transmission
Hintermaier, Thomas - 2019
This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house … portfolios, observed in the Household Finance and Consumption Survey (HFCS) for these countries. We then show that the … heterogeneity in household finances implies that responses of consumption to changes in the real interest rate and in house prices …
Persistent link: https://www.econbiz.de/10012898763
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Macroeconomic Effects of Government Spending Shocks : New Evidence Using Natural Disaster Relief in Korea
Yang, Weonho - 2012
GDP, private consumption, real wage and investment are all positive, which is in accord with the New Keynesian model …
Persistent link: https://www.econbiz.de/10013100013
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Fiscal Transfers in a Monetary Union with Exit Option
Hefeker, Carsten - 2015
It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...
Persistent link: https://www.econbiz.de/10013025966
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Absorptive capacities and the impact of FDI on economic growth
Farkas, Beatrice - 2012
This paper analyzes the necessary local conditions required for the existence of positive spillovers from multinationals' entry and it consists of a unified study of absorptive capacities. We start from the idea that FDI speeds up the diffusion of technologies across countries. Yet, the question...
Persistent link: https://www.econbiz.de/10009579226
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Does euro area membership affect the relation between GDP growth and public debt?
Dreger, Christian; Reimers, Hans-Eggert - 2012
We analyse the relationship between the debt to GDP ratio and real per capita GDP growth for the euro area members by distinguishing between periods of sustainable and non-sustainable debt. Thresholds are theory-based and depend on the macroeconomic framework. If the interest rate exceeds...
Persistent link: https://www.econbiz.de/10009666798
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A further examination of the export-led growth hypothesis
Dreger, Christian; Herzer, Dierk - 2011
This paper challenges the common view that exports generally contribute more to GDP growth than a pure change in export volume, as the export-led growth hypothesis predicts. Applying panel cointegration techniques to a production function with non-export GDP as the dependent variable, we find...
Persistent link: https://www.econbiz.de/10009515008
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Transportation Costs and the Great Divergence
Azarnert, Leonid V. - 2014
enhance convergence of the growth rates of trading economies. In contrast, reductions in transportation costs of non …
Persistent link: https://www.econbiz.de/10013054015
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Diversification, Dutch Disease, and Economic Growth : Options for Uganda
Gylfason, Thorvaldur - 2014
Natural resource discoveries, even when fairly modest in terms of the revenues they are expected to generate, can have significant macroeconomic effects and implications for the conduct of fiscal and monetary policy. In this respect, Uganda is no different from other oil-rich countries. In five...
Persistent link: https://www.econbiz.de/10013040480
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Growth, Foreign Direct Investment and Urban Concentrations : Unbundling Spatial Lags
Poelhekke, Steven - 2014
Cross-country regressions suggest that urbanization and FDI are important drivers of growth. However, it is not clear that primacy eventually hurts growth performance. Since it is tough to interpret cross-country growth regressions, we provide detailed evidence on the determinants of outward FDI...
Persistent link: https://www.econbiz.de/10012751105